The Turkish government’s budget balance posted a deficit of TL 192.3 billion ($21.6 billion) in 2021, the Treasury and Finance Ministry said Monday.

The figure, below the government's target, widened by 9.7% from a TL 175.3 billion deficit in 2020.

According to the medium-term economic program published in September 2021, the budget deficit was expected to be TL 230 billion last year.

Turkey's budget revenues surged by 36.8% year-over-year to TL 1.4 trillion last year.

Its expenditures reached nearly TL 1.6 trillion in 2021, rising 32.9% from a year ago.

Excluding interest payments, the budget balance saw a deficit of TL 11.4 billion in 2021.

Tax revenues totaled TL 1.2 trillion, while interest payments were TL 180.9 billion in the same period.

One United States dollar traded for TL 8.9 on average in 2021 and TL 13.4 in December.

Monthly figures

In December 2021, the budget balance of the central government registered a deficit of TL 145.7 billion, growing from TL 43 billion in December 2020.

Budget revenues were TL 135.1 billion last month, rising 40% year-over-year.

Turkey's budget expenditures doubled from a year ago to TL 280.80 last month.

Excluding interest payments, the central government budget balance recorded a TL 136.7 billion deficit in December 2021.